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Baymeadows apartments sell for record $111 million

A Miami firm has paid $40.9 million for the Bell Deerwood Park apartments on Touchton Road.

A Baymeadows apartment complex has sold for what’s believed to be a record price.

GoldOller Real Estate Investments has paid $111 million for the Villages of Baymeadows, a 1,048-unit complex spread over 135 buildings.

Brian Moulder, the managing director of Walker & Dunlop who brokered the sale, said it’s the largest single-asset apartment sale in Jacksonville’s history. Other complexes, however, have sold for much more than the $107 per unit that this was sold for.

The first buildings in the Villages of Baymeadows, just east of Interstate 95, were built in 1969. The last were finished in 1983.

It’s 94 percent occupied, Moulder said.

Harbor Group International had paid $84 million for the complex in 2014. Moulder said the complex is in good shape.

“Harbor does a really nice job of maintaining all their properties,” he said. “But it will do some upgrading here and there, especially with D.R. Horton starting to build the single-family homes.”

D.R.Horton has owned the former Baymeadows Golf Club, which surrounds the apartments, since 2005. It’s made several proposals for development, the most recent being 200 townhomes and 88 single-family homes.

GoldOller owns or manages several other apartment complexes in the area, most recently buying the 555-unit Country Club Lakes complex on Hodges Boulevard in 2013 for $56 million.